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The deal for the Asian food chain was pushed through a shareholder vote last year but faced considerable opposition from investors after being funded through a £315m rights issue.

Citigroup analysts reignited the debate yesterday by arguing that Restaurant Group had overpaid for the business that faces the departure of boss Jane Holbrook. The costly takeover was compounded by the negative investor reaction to the deal and higher-than-expected dilution of existing shares in the rights issue, analyst James Ainley argued.